A public affairs analyst and accountability advocate, Aminu Abubakar Aminu, has called on the National Insurance Commission (NAICOM) to prioritise the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. In a statement released on Sunday, October 5, 2026, Aminu emphasised the significance of the legislation in addressing longstanding challenges in Nigeria's insurance industry. He described NIIRA as a major step towards transforming the sector.
Aminu highlighted that the enactment of NIIRA marks a significant milestone in the development of Nigeria's insurance sector. The Act provides a foundation for an insurance sector that is better capitalised, more accountable, and more responsive to policyholders. He also noted that it will enable the sector to contribute meaningfully to the Nigerian economy. Aminu's statement underscores the importance of effective implementation of the reforms.
According to Aminu, early developments under NIIRA demonstrate that the reform is not merely a legislative exercise but a process capable of producing measurable improvements in the industry. Stronger capital requirements, improved supervision, and greater attention to policyholder protection are expected to create an insurance market that Nigerians can trust. These changes aim to enhance the overall performance and reliability of the insurance sector.
Aminu encouraged NAICOM to remain focused on implementing the Act and providing clear guidance to operators and other stakeholders. Effective implementation will ensure that the objectives of NIIRA are achieved, leading to a more robust and efficient insurance sector. NAICOM's role in overseeing the implementation process is crucial to the success of the reforms.
The call for prioritisation of NIIRA implementation comes as NAICOM withdrew the licences of several insurance firms, including NICON Insurance, Nigerian Reinsurance, and Universal Insurance. These firms failed to meet the minimum recapitalisation requirements stipulated in NIIRA 2025. The withdrawal of licences demonstrates NAICOM's commitment to enforcing the new regulations and ensuring compliance within the industry.
The Nigerian Insurance Industry Reform Act 2025 aims to address longstanding issues in the insurance sector, such as inadequate capitalisation and poor policyholder protection. By implementing the reforms, NAICOM seeks to enhance the sector's contribution to the economy and improve public trust in insurance services. Aminu's advocacy for effective implementation aligns with the goals of the reforms.
The implementation of NIIRA 2025 is expected to have a positive impact on Nigeria's insurance sector, leading to improved services and increased confidence among policyholders. Aminu's statement serves as a reminder of the importance of sustained focus on implementing the reforms. NAICOM's efforts to enforce the new regulations will be crucial in achieving the desired outcomes.
Key points
- Aminu Abubakar Aminu urges NAICOM to focus on implementing the Nigerian Insurance Industry Reform Act 2025.
- The implementation of NIIRA 2025 aims to address longstanding challenges in Nigeria's insurance industry.
- NAICOM has withdrawn licences of insurance firms that failed to meet minimum recapitalisation requirements.
